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【正文】 h 37 收入分析 Revenue Analysis 收入趨勢和穩(wěn)定性 ?重要考慮 – 產(chǎn)品需求的彈性，需求趨勢作出預(yù)測的能力，競爭程度，客戶集中度，對少數(shù)銷售代表的依賴程度，市場區(qū)域多樣化的程度 收入、存貨與應(yīng)收賬款之間的相互關(guān)系 Revenue Trends and stability ?Important consideration – elastically of demand for products, ability to anticipate demand trends, level of petition, degree of customer concentration and dependence on a single industry or a single customer, degree of dependence on sales associate, degree of geographical diversification of markets Interrelationships Between Revenue, Inventory, and Receivables 38 收益度量分析 Ine Measurement Analysis ?收益的量度出于很多原因 – 確定有把握的收益，以預(yù)測受益的大小，確定收益主要構(gòu)成元素的穩(wěn)定性，量度企業(yè)的收益獲取能力 ?考慮以下幾種原因 – 估計，會計方法，披露激勵，使用者的不同需要 ?Ine measured for a number of reasons – determine what ine can be relied on for purposes of ine forecasting, determine how stable the major elements of ine are, measure the earning power of the business ?Following factors needed to be considered – estimates, accounting methods, disclosure incentives, different needs of users 39 比率分析的局限性 Limitations of Ratio Analysis ?內(nèi)部因素 – 強(qiáng)調(diào)綜合指標(biāo)，基于過去的財務(wù)信息，包含非營運項目的信息，理解會計準(zhǔn)則，數(shù)據(jù)的合理性，因素之間的相互關(guān)系 ?外部因素 – 企業(yè)的狀況，在行業(yè)中的地位 ?其他局限性 – 使用不同的會計方法使相互比較變得困難，季節(jié)性波動，分析企業(yè)集團(tuán)是困難的 ?Internal factors – emphasis on summary indicators, based on past financial information, contain nonoperating items, understanding of the accounting principles, validity of number, correlation within factors ?External factors – business condition, industry position ?Other limitation – use of different accounting make parability difficult, seasonal fluctuation, analyzing conglomerates is difficult 40 第四節(jié)：財務(wù)會計中的分析性問題 Topic 4: Analytical Issues in Financial Accounting 41 經(jīng)濟(jì)利潤和會計利潤 Economic Profit and Accounting Profits ?經(jīng)濟(jì)利潤 – 在生命期內(nèi)實現(xiàn)盈利的凈現(xiàn)值 ?會計利潤 – 一般公認(rèn)會計準(zhǔn)則設(shè)定的規(guī)則，需要用估計值 ?Economic Profit – present value of its earning over its lifetime ?Accounting profit – follow the rules set by GAAP, approximation are needed 42 收益質(zhì)量 Earning Quality ?會計原則的選擇 ?表外融資及其對財務(wù)報表的影響 ?關(guān)于資產(chǎn)維護(hù)和未來獲利能力的規(guī)定 ?經(jīng)濟(jì)力量對收益的影響 ?Selection of Accounting Principles ?Offbalance Sheet Financing and Its Effect on the Financials ?Provision for Maintenance of Assets and Future Earning Power ?Effect of Economic Forces on Earnings 43 收益質(zhì)量 Earning Quality 收益的持久性 ?重新構(gòu)建損益表 – 圖表 29， 630頁 ?每股賬面價值 = （總權(quán)益 – 優(yōu)先股權(quán)益） /發(fā)行在外的普通股股數(shù)，案例， 631頁 Earning Persistence ?Recast ine statement – figure 29, page 58 ?Book Value Per Share = (Total Equity – Preferred Stockholder’s Equity)/Number of Common Shares of Outstanding, for example, page 60 44 收益質(zhì)量 Earning Quality 收益的持久性 ?市場價值與賬面價值的比率 = 現(xiàn)行股價 /每股賬面價值 ?市盈率 = 每股市價 /EPS ?收益率 = EPS/每股普通股的現(xiàn)行市價 Earning Persistence ?Markettobook Value Ratio = Current Stock Price/Book Value per Share ?Price Earning Ratio = Market Price per Share/EPS ?Earning Yield = EPS/Current Market Price per Common Share 45 價格變化和通貨膨脹的影響 Effects of Changing Price and Inflation ?通過膨脹 – 重要考慮，案例， 633頁 ?Inflation – important consideration, for example, page 61 46 公允價值標(biāo)準(zhǔn) Fair Value Standards ?公允價值衡量 – 資產(chǎn)或負(fù)債通過市場參與者之間的有序交易進(jìn)行交換，如果存在主市場，則該市場的價格就是公允價格，如果存在多個市場，
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